Revenue Drops 40% at Goldman’s FICC Unit
“We didn't navigate the [fixed-income] market as well as we aspire to or as well as we have in the past," Goldman's CFO says.
Virtu Buys Rival Trading Firm KCG for $1.4B
The combination of two high-frequency traders comes as low volatility has been squeezing the profits that firms make from rapid-fire trades.
Trading Revenue Drop Hurts Goldman Profit
“We underperformed this quarter,” new CFO R. Martin Chavez says as the firm reports its first earnings miss since the fourth quarter of 2015.